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ago henry kissinger, then president nixon's national security adviser, secretly flew to china beginning a string of meetings that would eventually open that isolated eastern nation to the western world. that opening checked soviet expansion imp and in a sense was the beginning of the end of the cold war. >> this was the week that changed the world. >> it was also the beginning of china's entry into the world economy, which has resulted in that country becoming the world's second largest economy. >> red china's battle plan. >> but back then the idea of a ra approachment with china would have been rejected as pure fantasy. they had been fighting america and its allies across the globe. how did the decision come about in the midst of such intense opposition? what were the internal maneuverings that paved the way, the secret dealings that made it actually happen? who better to ask than the man himself, dr. henry kissinger. this is what the world looked like when you enter into the white house with richard nixon. the united states has had no relations with china. we have been inpla
-wage china when he was on the board of gateway computer. he wants to turn michigan into the same low wage environment we see in china. >> reporter: looking around here live at the scene at the capitol, you have teachers who took the day off from school to demonstrate. you have united auto workers. we saw several big trucks from the teamsters. a lot of people sympathetic to efforts of these workers out here making their voices heard, expressing their discontent with what has happened. governor snyder told me a short time ago this is in response to a ballot initiative you remember failed in november. that was proposition 2. it would have put collective bargaining in the michigan constitution. it would have made it untouchable by any kind of new legislation. that is part of the complaint from the democrats. they say it is politics and retribution. also the complaint you hear from democrats it happened so fast. it happened without the public having time for input. what you see on the lawn is something governor snyder referenced f there wasn't enough time for public input you wouldn't have all
and the world at large. >>> then china's new leaders. we know their names but who are they and what can we expect from them. is this china's gorbachev or will he take a hard line? >>> finally, the black swan, a best seller some say prediktsd the economic crisis. its author on his fascinating new book. >>> and the next phase of europe's crisis. which nations might find themselves split apart. i'll explain. >>> first, here is my take. arafat's body has been exhumed for investigation. bringing back memories of the unpredictable palestinian leader. the news broke at a time when a conventional wisdom has begun to take hold that the middle east today is much more dangerous, unstable, violent and anti-american than before. let's take a look at facts. in the 1980s the newly empowered radical islamic republic of iran unsettled the region with its promise to spread its revolution elsewhere. lebanon was in the midst of a bloody civil war. that engulfed itself and the palestinians and israel. iran and iraq fought a gruesome war with over one million casualties. hezbollah attacked u.s. armed forces dir
, china will be the number one consumer of the so-called dirty energy, we'll talk about that with an environmentalist, also, we also have our eyes on washington, of course, lawmakers are on vacation, but there still is no deal on taxes. nearly every american is going to have to pay more in just eight days if congress can't reach some kind of an agreement. checking the big board right now, the dow jones industrial average is down about 41 points. again, we've got a half day of trading and we close today at 1 p.m., so that traders can go out on christmas break. light volume, but there are significant movers that we'll talk about in just a second. in particular, apple and jb penpejb-- j.c. penney. we have shibani joshi and adam shapiro as well and first to nicole, j.c. penney, a lot of people worried about retail sales, think it's going to hit companies like j.c. penney hard? guess what? the stock is up 4%, why? >> that's a huge move on a day when the major market average, look the at j.c. penney, it's posted comments from oppenheimer this morning, talking about the fact th
with modest gains. europe holding onto gains and china up nearly 3% over night as shanghai catches a break. our road map begins with a $20 billion deal. freeport mcmoran getting into the energy business making two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's
in india and china that all investors need to be aware of is the fact that corporate debt is now really building up to almost unhealthy levels. and i would keep an eye on where corporate debt levels are in companies investing in. >> when i was a corporate analyst in india tracking markets, technology was considered the engine of growth for the country and one of the bright spots for the market. is technology still one of the areas you are tell clients to invest in in india, or what are the sectors you're looking at? >> i think there's two sectors whether you look at india, china, or asia. there's two sectors we like. it's technology, as you said. i think that's one that -- it's a bright gem. you know, it went from, in india, from a bpo outsourcing business and has grown to an innovation business where brands are being developed and real technological gains are being had. the other sector we like is health care. the demand for health care in these markets is just continuing to grow steadily. obviously people are having longer lives, having more disposable income for health care and treat
of course its friend, china is on the security council and has blocked those kind of actions in the past, jenna. jenna: interesting that you mentioned china. is there any indication that the north koreans had help from the outside? any sort of outside country with this launch? >> reporter: well there is no evidence per se but it is widely known that the north koreans could not get the parts for their ballistic missile program without having those parts flown through china, bypassed through china. there also have been reports on the voice of america that an iranian team of scientists have been seen recently, in recent days in north korea. so there is questions about the relationship between, and any help that may have been provided to the north koreans by the iranians. clearly the north koreans are very proud of this long range ballistic missile launch. the one in april failed miserably. and for the first time then they admitted that it did fail publicly. this time they extended the window and did not invite foreign journalists to watch this and simply announced when it was successful. th
particularly the china pmi numbers and what we've seen from gdp recently that maybe some of the markets key to u.s. exporters may be showing signs of stabilizing, maybe get to growth. so that might mean moderation in the eurozone might ease in the first quarter. but again, this is all dependent on what happens with that ongoing debt crisis and any step back in resolving that would obviously have a knock-on effect to the economy. >> i'm wondering whether germany as we look at -- they're just above sort of recession territory at the moment. i'm wondering whether if they get better growth out of asia, that will offset the weakness that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of th
or deep pool. we think housing, autos, anything china related can be bought right here using weakness as an opportunity to buy and not sell as we work toward a deal. keep in mind that it might take until the super bowl when everyone by then would have seen the truncated paychecks and got to get a deal then. give them the failure of the government to rise up to a compromise on the cliff so far. you would expect a bigger sell-off today unless of course you recognize that a compromise is more easily reached in 2013 than 2012 and maybe a stopgap. if we wake for a kick the can deal, what's the point of selling? it's better to be a buyer instead of seller. compromise is far more likely than not despite last night's shenanigans. jack in florida, jack? >> caller: i read your book. i enjoyed it very much. >> thank you. >> caller: i'm following a sector rotation strategy with some of my investments. currently in the material sector. and hoping to catch more of the housing uprise. but with the fiscal cliff looming, i was wondering if you would advise more defenseless strategy like consumer stapl
into a trampoline or a deep pool. housing, autos, thinking china related can be bought right here. this is an opportunity to buy not sell as we work towards a deal. it might actually take until the super bowl when everyone by then will have seen their truncated paycheck and you have to get a deal by then. you would have expected a much bigger sell-off today unless, of course, you recognize that a compromise is much easier reached in 2013 than 2012. if we only have to wait a short time before we get a kick the can deal from the government, better be a buyer than a seller. compromise is far, far more likely than not, despite last night's shenanigashenanigans. jack in florida, jack? >> caller: i read your book. i enjoyed it very much. >> thank you. >> caller: i'm following a sector rotation strategy with some of my investments. currently in the material sector. and hoping to catch more of the housing uprise. but with the fiscal cliff looming, i was wondering if you would advise more defenseless strategy like consumer staples or something going into the new year. >> what i was thinkin
and tolerance. the pope also prayed china's new leaders will shington's ability to avert the fiscal cliff. on monday before closing for christmas, the dow lost 52 points, while the nasdaq dropped eight. >>> new taxes to help pay for the affordable health care act take effect january 1st. the average american won't be spending more money to the irs. the wealthiest 2% of americans and the health care industry will pick up most of the tab. >>> milk is a staple in every home, ask starting in the new year you could be paying twice as much for it. a government subsidy expires at the end of this year. unless congress extends it, the cost could skyrocket to above $7 a gallon, putting a major hirchlg on families already struggling to make ends meet. >>> bad news for retailers. holiday sales proved this year it was the weakest since 2008. one report put the increase at just 0.7%, are far below analyst predictions of 3% to 4%. superstorm sandy and the looming fiscal cliff disrupted the shopping season. >>> and if you are returning my holiday gifts, have your right and a lot of patience. usa today re
. >> turmoil in italy. berlusconi throws his hat in the ring. retail sales numbers out of china, hoping the economy is in fact on an upswing. >> apple, enthusiasm. jeffreys trimming its price target to 800 from 900, as apple shares do trade lower in the pre-market. we'll start with mcdonald's, posting better than expected november same-store sales, global comps up 2.4. u.s. same-store sales up 2.5, offered by breakfast offerings, including that cheddar/bacon/onion sandwich, as melissa mentioned. jim? people are saying the u.s. maybe is making a turn here. >> i find mcdonald's is levered to new products, levered to menu technology. they do invent things. my hat's off to janet. they had this number last week. reminds people, again, they've been right down, and up. mcdonald's is one of those things where joe asked me from squawk when we were talking, i said, i think this is a for real term. if they continue to innovate. i may this may not be your cup of tea, burger, but innovation s higher. >> they tried to sell it to consumers as opposed to their extra value menu, which is a little bit hi
. china state picc group raising more than $3 billion. it's the territory's biggest ipo in into years. still to come, didn't have to price it toward the bottom of the indicative range, maybe a sign that the appetite from the listings remains week. and managing liquidities also a priority. this week the pboc switched back to pumping money into the banking system after withdrawing more than $40 billion over the last month. reports suggest possible $1.8 billion is a moderate amount compared to what the pboc is used to putting in. andrew, very strong session yesterday for shanghai. flat today. after a period of underperformance, will it turn around or not going into 2013? >> well, i think in the recent couple of weeks actually, we're seeing quite positive economic data coming out of china. pmi is improving. and consumer sentiment is the highest. and for the past five months. but this have not translated into a more robust market. this is because for the past two quarters, there is all bad news. so there was kind of negative feedback loops that caused the market to be oversold. and then it
the bank of china to finance whatever part of the grant that was given to a123 batteries, we still have to pay that back. the taxpayers are still on the hook for baying back the deaf -- paying back the deficit-spending portion of that money even though it's now long, long gone. megyn: so we borrowed from china so that we could offer stimulus. we gave part of the stimulus to a123. a123 spent $100 million plus of the money, failed to succeed, and now that, those assets are going to china too. >> well, when you say it that way, megyn, you make it sound like it's not very much fun, i mean, my gosh. [laughter] megyn: china makes out well in this deal. i don't know about the american taxpayer though. >> they're doing pretty well in all of this. and the problem for the president today is his whole idea is i'm going to go to detroit and talk about how my economic strategy is working and that what we need to do is increase taxes on the top earners so that we can take that money and stimulate the economy. and as he says, invest in the middle class. and as he says, keep the tax rates down for thos
.s. in general is looking positive. and the u.s. is creating a lot more jobs. china is still positive in the fourth quarter. china is going to show a slow and steady improvement. so we need those. >> higher expectations stronger in the likes of taiwan, india and brazil. let's go back to where you say they're weakest. greece, italy, spain, the netherlands. this is a very weak feature, indeed. how bad in it? >> it's bad. the eurozone is the global economic problem now. if you look at asia where i just returned from, both countries are feeling optimistic. but they seem to be inwardly focused now by being a triangle of china, india, indonesia. we're not seeing a great benefit into europe as we did before. for instance, germany is looking pretty pessimistic. based on its lack of export performance to places like china. >> yeah. when the bundes bank came out and shortly downgraded forecasts, how is the employment picture? if you've got a relatively healthy china and the u.s. consumer bounce back, wouldn't that help germany? >> it certainly would. germany is relatively flat in terms of the e
of china selected new leaders, the secretive process produced a new president, l.a. lakers fan married to a rock star. but china's foreign policies are likely to stay the same. number five, moment morsi, islamist group, became president of egypt. as his predecessor, dictator ousted by his people, went on trial from his hospital bed. morsi impressed the west by helping to broker the cease fire that ended an outbreak of warfare between hamas and israel. he then disappointed many by aawarding himself sweeping power s at home, triggering new outbursts in tahrir square. number four, israel and hamas brought fuel on the fiery west in the region. one side firing rockets. for the first time, israel felt vulnerable in jerusalem and tell aaveev. before the big guns of diplomacy helped to broker a cease fire. number three in europe, greece was the problem child that spent too much, saved nothing and threatened to take down the euro. new leadership, pay cuts, higher taxes as their weary government begs for more cash. committing to save the euro. it lives on, but for how long? >> the deadliest mont
aren't you shopping? i question your patriotism. >> i bought enough stuff from china and thrown it away already. >> right now for valentine's day shopping we have to solve that long beach strike. >> clerical workers. >> you can't get things i want to start shopping for for valentine's day the moment christmas and hanukkah is over. you have to start shopping for the next day. that will be constrained because of the port strike. >>> when we come back, house majority whip kevin mccarthy did sign this offer from the gop. can he convince the white house to back the republican solution to the fiscal cliff? one more look at futures on a tuesday morning as melissa said. not a lot of data today. just wait until the next three days. it all starts with adp, jobs coming up later this week. more "squawk on the street" back in a minute. bob, these projections... they're... optimistic. productivity up, costs down, time to market reduced... those are good things. upstairs, they will see fantasy. not fantasy... logistics. ups came in, analyzed our supply chain, inventory systems... ups? ups. not fantasy
's turn to the global economy. associated press reporting that china has surpassed the u.s. as the leading trade partner. this comes as china announces the inflation rate rose 2% one month alone. sign of an economy gaining strength. what does it mean? brenda buttner, anchor of "bulls and bears." i was reading this article where shoppers in beijing have seen the prices of vegetables double in one week alone. inflation is a problem over there. what is causing it? >> basically it's not a bad problem, it's growth. china has numbers we can only dream of, growth of about 8%, we're below 2%. their factory output was up 10%. retail sales, 15%. so it is basically growth driven not supply side driven which is the kind of inflation you want to see. it's only 2%, that is well below the target of 4% is. it came down from 6.7%. >> gregg: so it's an issue not really a problem and outweighed by the huge growth. how does the inflation american consumers if at all? >> we buy a lot from china. it may be that some of the input may be more expensive. we may have to pay more, but it's more that china is becomin
in china that that without any warning it shatters. this is in shanghai. it's very popular at the mall here. it's got turtles and sharks and 33 tons of glass and water all over the place. amazingly nobody was killed but 16 were hurt. tell us a little bit about why you suppose this happened. does this have anything to do with temperature or how do people explain it? >> i'll never look at an aquarium the same again. this was a ten-inch piece of plate glass that exploded literally. people said there was a crack. all of a sudden after the crash the water rushed out and it sounded like an explosion. what investigators now believe happened here is the tank had very warm water in it. the outside temperature, although this is in a mall, this was the outside-facing glass. you can see there are trees there. this was in the cold part of the mall, kind of the outside exposure. temperatures got down into the 20s. not like i had never gotten into the 20s before but this here with the warm on the one side, the water, the cold on the other side, they believe a fault in the glass, a scratch, obviously somet
think the world will look like. it's fascinating. it shows china on the rise, the west in decline and china overtaking the united states in size of economy by the year 2030. here are the key findings of the new intel report. it's interesting reading. a majority of the world's population by 2030 will be out of poverty for the first time in world history. there will be wars over food and water and natural resores. populations will continue to rise and there will be recurring global economic crises but when you think about this, you think about how far we're going here. you've got asia, china in particular will be dominant. it will be stronger than its been anytime since middleages. there will be no more pax americana as its known. china will be a big driver and india will be growing like china is today. they talk about how the world is changing. it's like no other time since the french revolution. remember in the late 18th century, the industrial revolution, except it's happening more quickly. it's taking a tenth of the time for china and asia to rise quickly. let me read to you som
a big rally in china extending one of its biggest rallies in three years. we have a mixed bag in europe with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes, earnings. fedex, research in motion among the companies reporting. so finally maybe we'll be talking about fundamentals in the stock market more than just the cliff. we've got to talk about apple reversin
up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. li
other. they discovered they were twin sisters separated from birth in china it is against the one of the girls was given up for adoption. they share mannerisms and they were married in the same year. the husband has the same first name. >> steve: and they dress alike. >> gretchen: what a fantastic story. the rest of the headlines ttook over 50 years for the murderer of a 7 year old to b brought to justice. jack mccullah will be sentenced for the murder. it is one of the oldest unsolved crimes. he was dismissed as a suspect but arrested last year after the investigation reopened. >> steve: meanwhile a 22 year old woman in oregon jumped in her car and drove off after two kids tried to rob her at gun point. the boys later to be found 7 and 11 years old. demanded money and her phone. >> i was afraid he would shoot my tires or window. i didn't think i was safe. >> brian: the boys were caught and turns out the gun was not loaded it is not known how they got the gun. they were turned over to their familis and the case is expected to go to jv court. >> brian: two students are accused of b
. last, but certainly not least, i think you could see the new leadership team in china come more aggressive reform program than people are expecting. >> all right. michael, good to have you. >> thank you so much. >> michael jones of riverfront. >> financials looking to continue their upward momentum from yesterday when both bank of america and citi hit new 52-week highs. independent research analyst meredith whitney has turned bullish on financials, too. whitney citing several factors including her view that banks are more than adequately capitalized. and guys, the weakest position banks from the crisis are now more than adequately capitalized, thus what they earn going forward, whatever that is, will now be theirs to employ with far greater discretion than has been the case in the past. that's the crux of her note. >> it needs to be listened to. i think we make a little bit much of meredith whitney, to be frank. it's been a controversial call on municipal bonds a couple of years ago that has not been proven correct. she might argue with that, but i think that's in the facts. you
off. reason for that is we look at china. china's economy is turning the corner. that's also helping with what you folks talked about earlier in the crude oil. see how it plays out. even though it's a light volume week as far as trading -- ashley: still, though, a downward trend with the chart. what's the story with silver? >> well, you saw silver pull back with gold. normally, they run, and now what we're seeing is there's a little bit more demand. china's picking up the pace a little. we are seeing silver that's up, what, 24 cents as of today? not a bad move from a one day, especially in the light volume. ashley: if we get it done on the fiscal cliff, will we see a selloff in metals? >> i don't believe that we will. europe right now is the safe haven. there's no negative news. by any means, they are not done with all that's going on over there. everything is focused here on the u.s. and the fiscal cliff, and until that is resolved, if it gets resolved, the traders are pulling back, volatility's high, and there's going to be very thin volume in the markets. it's not going to take mu
for its missile program in china. we know they buy things for their gas centrifuge program in china. some things are made in germany. probably made in the u.s. china has been a major gap in this whole system. on sanctions and north korea could face tougher action from china might constrict some of its ability to buy things that it absolutely needs for its nuclear programs. jon: you think it is likely american-made technology is helping north korea with its missile program? >> could be. i don't know the missile program nearly as well as the nuclear but what north korea does, it uses china a sense as a transshipment point because many companies, high-tech companies from america, from europe, have subsidiaries in china, selling to chinese industries and trading companies. north korea works that system very well to end up with those kinds of high-tech items from outside china. and so while i can't speak specifically on the missile program i certainly can on the nuclear and yes, indeed, north korea buys european high-tech equipment and likely u.s. equipment. so it's a problem. china has been m
critical issues. republican con sis tans on globalization, immigration reform, the china threat or middle east policy. conservatives couldn't even agree on sensible steps on healthcare reform other than to repeal obama care. the republican party will continue to be adrift unless conservatives, still the most influential group within the party have a clear sense of what they stand for and what policies will best serve their cause and the nation's. so beyond the fiscal cliff resolution, we need to find better messengers, better candidates who are also media and tech savvy. whatever our differences, we can all agree as conservatives on a philosophy grounded in limited government, the free market and the judeo-christian tradition and this should be attractive to young and old black and white male or female voters. the most important thing is that we not despair. the problems we face today are no worse than the ones conservatives faced in the 1970 os when remember they had to deal with a weak economy and aggressive soviet union and the fallout from vietnam. they overcame those problems and the
, a man entered a school in the province in china, obviously, mentally disturbed, he tried to kill as many children as he could. but all he had access to was a knife. the result, despite many injured, not one child died. the problems that for deuproduc newtown mas ker. you find my column on cnn.com/fareed. let's get started. >>> so, let's get right to it. a conversation about the real economic problems this country faces on my right and on their right glen hubbard the former chief economic adviser of cheney campaign. on my left, peter orzack, obama former budget director and sort of in the middle, the economist, economics editor and kristen editor of reuters digital. i promised we were going to get past the cliff. but i have to ask a few questions about it. you don't think it's that big of a deal if we go over the cliff. >> i don't think it's that big of a deal if we get to january 3rd or january 4th and we don't have an agreement because we'll have one very soon after. if we did nothing for months, it would be disastrous. not only the combination of tax increases and spending cuts push th
. the only culprit that i can think of is china because china has supplied technology to north korea's missile program in the past. we saw that on april 15th where the missile launchers they came from china. they were paraded in pongyang. they sold the missile launchers, probably sold the missiles and sold the same launchers and missiles to pakistan. we shouldn't be surprised china is there. melissa: speaking of money, you brought that up, north korea spent $3.2 billion over 14 years on weapons. annual per capita salary in the country is $2,000. you know, i mean it's a tough comparison. why is this meaningful to us though, that they have achieved this? >> well, because within a year, maybe 18 months, they will be able to put a nuclear warhead on a long-range missile and send it to the united states. we really have no defenses for that. once it is in the air it is very hard for us to shoot it down. which means we don't have that much time to stop the north korean missile program. this is unstable regime after all. this is not like the soviet union, a status quo power. this is country
to end the civil war in syria. now, remember, both russia and china have blocked u.n. attempts to force out the assad regime. now the russians say they are willing to meet with the syrian opposition. it could open the door for real u.n. action on the ground, action that could mean american involvement. we've got more details in a live report in just a minute. >>> but also, russia's president formally saying no to americans who want to adopt russian children. it is a heartbreaking development for hundreds of americans who are trying to adopt children from russian orphana orphanages. that is happening right now. president vladimir putin signed the adoption ban today. sadly, more than 50 americans who were in the final stages of adopting russian children, they are not going to be able to. and while those families certainly hoping that they're going to allow these adoptions to go through, the country's child rights commissioner says that those kids are going to stay in russia. so why are the russians doing this? the ban is considered a payback of sorts for an american law that was passed tw
in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about 1%. blame politicians in the u.s. and blame heavyweight samsung. this accounts for some 20% of market value on the kospi index. down 4%. that hurt the broader markets. this is, of course, because eu regulators are poised to excuse samsung of breaking competition rules and filing competition patent lawsuits against samsung. greater chinese markets, shanghai more isolated from global happenings and fiscal cliff
saw that. i do think one thing we can certainly say given that china seems to be stabilizing a bit, we can all discuss europe. greek situation. maybe it's off the front pages for a while. and so if we assume that the jobs picture in the u.s. is not bad, let's assume not bad, it puts even more of a focus on the fiscal cliff negotiations because it becomes even more binding one would assume in terms of good or bad for the market, for the economy. >> kernen had a good point. does strength mean the economy could handle a cliff or is it so good you wouldn't want to tamper -- >> if i wanted to create a recession, what would i do? i would raise everybody's rates. i would cut the unemployment benefit. just trying to think of a theory of how i could cause a recession. i would cut back government spending quickly. >> i would raise interest rates to 20%. >> bernanke ought to join the -- look, i think this is what's going to happen. i think it's 50-50 we get a deal. no vacation. no legislation, no vacation. i think that when people get their paycheck at the end of january, they are going to be sho
about china electric demand being strong. remember, they make coal machinery, depending upon how much electric demand there is in china, his orders go up. that's why i think people are surprised the stock eel not down big, given his concerns throughout the near term. >> comments, the buybacks continue. >> now, i begin to say, wait a second. one buyback, maybe -- too much coincidence here. you have the news out of joint global. i think people are starting to say this fourth quarter's an inflection point for china. less worried about inflation, more worried about pro-growth. cummins is a uniquely chinese story. so many truck engines go there. let's keep track of this. >> a lot of people say if you've got gdp growing again and inflation as low as it is, that is the sweet spot, that is where you always want to be. >> india came out with global stuff. coal, i know, we're only used to seeing coal phased out in this country. they love coal in china. i don't want to make a judgment on whether that's -- but they are huge coal plant builders there. huge. >> an important one to watch. we'll talk
. >> number 5, china. is china slowing or leading the world? we do know choina will be the biggest economy in the world by 2020, for sure by 203. china getting more than a few mentions during the presidential campaign, probably because it's pretty clear china is both a competitor and a partner. >> number 4, europe. the european union was fractured by too much debt and the us a trty plans to fix it. that saga is far from over. >> number 3, the housing market finally bottomed out. the combination of low home prices and continued record low mortgage rates set off a building and buying spree. investors began buying entire neighborhoods but first-time buyers were also able to get a home of their own for the first time in years. as long as they had a hefty down payment. >> number 2. >> cnn projects that barack obama will be reelected president of the united states. >> the next. more than just about obama and romney. it was about socialism and capitali capitalism, about what kind of role government should have in your life. >> number 1 is the fiscal cliff. lawmakers saw it coming but didn't bothe
on the debt that china owes, owns of our debt is enough to pay for their entire military for the whole year. we are basically funding with that the debt china military. thank you. i appreciate you coming on. well, forget the fiscal cliff. washington might be sending cows off a cliff. want to know what i did in the last five hours? i played a round of golf. then i read a book while teaching myself how to play guitar; ran ten miles while knitting myself a sweater; jumped out of a plane. finally, i became a ping pong master while recording my debut album. how u ask? with 5-hour energy. i get hours of energy now -- no crash later. wait to see the next five hours. time for citi price rewind. because your daughter really wants that pk castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at c
let's go to another name that you say is a great u.s. play, on china stabilizing and growing. >> yes, and that's starbucks. starbucks a great american company. everybody needs a good cup of coffee. in china there is only one starbucks for every 1.9 inhabitants, can you believe that when we have one basically on every corner? [laughter] so there's tremendous opportunity there. you've got the tea growers in china, a lot of them are now switching to coffee because of starbucks, so that's a double play for you. liz: wait until they find out what a frappucino tastes like. >> oh, look out, china. liz: two pharma companies, what do you think are the big names here because we're all getting older, and we all need new medicine. >> we're going to be buying a lot of pfizer especially and bristol-myers. those are the two picks we have. pfizer is around 24, $25 a share, bristol-myers about 31. and they have in common a new blood-clotting drug, and everyone's very, very excited about that. bristol-myers developed it, and pfizer will be marketing it. so we hi there's huge opportunity -- we think th
is unilaterally reducing the military capability of our forces. this is at a time when we have china with its massive force expansion, building a world capable force projection capability. we have the russians modernizing the russian forces. we still have the iranian problem totally unresolved, north korea always a flashpoint. look at the middle ast. anything far from being settled there. and let me take that navy as an example, whih will be illustrative of the other forces and what it will do to the navy. it will take the navy and drive it down to the smallest force it has had since prior to world war one. not world war ii, lou. world war one. lou: you know, i'm sorry, admiral. when governor romney said that, pointed that out to president obama in the debate, he was -- we had horses and bayonets, too. he seemed to make light of that. how important is it? can you give us a sense of the impact? >> i think the president's comment is showing his inexperience in military matters. in this particular case we are going down to 220 ships. to put that number in perspective, i had 2505 ships under my c
. china, obvioussy, has plans to fix all of that with a little help from the american taxpayer and, of course, the president. wile we focus on the fiscal cliff negotiations, or more appropriately the impasse, many of our state governments aren't in much better shape. state pension systems, unfunded liabilities are now estimated to be in the range of $2.5 trillion to almost $4 trillion. leading is california with more than $370 billion in unfunded pension liabilities, only 47% are currently funded. a pension debt per household in california of almost $30,000. illinois close behind, $167 billion in unfunded liabilities, 28% funded, and the state pension debt per household amounting to over $34,000. in municipal bonds illinois sold over $5 billion in bonds this year making it the third biggest debt issuer in the first three quarters this year. california and new york, numbers one and two with. the issue of unfunded pension liabilities with the passage of right-to-work laws is a subject that i'm going to be taking up with our next guest. -@mallory factor, author of can the bestseller,
. >> brian: millions of dollars in a green company only to sell it to china? stewart varney with another waste of your money. he's coming up now. ♪ it's my favorite time of year again and now -- i got a great new way to get deals. it's called bankamerideals, from bank of america. i choose the cash back deals in my mobile or online banking. i just use my bank of america debit or credit card when i pay. and i get as much as 15% cash back -- put into my account. this is cash back on top of other rewards i already get. best of all -- it's free. happy holidays. [ male announcer ] introducing bankamerideals, free for online banking customers. sign in to your online banking to choose your deals today. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? ♪ >> gretchen: if you are just waking up it is 17 minutes past the top of the is it like a fire sale on america interest? china buying up u.s. compani
in china are strong. when on friday some reports suggests otherwise. >> john ford is here now with the story. >> two conflicting story lines on apple collided today. one has apple ordering fewer iphone 5 parts which has a less than stellar start to 2013. the other is suggesting demand remains strong in apple's most crucial market for the iphone. the question here is are we at the beginning of a radical global slowdown for the iphone and ipad? half a dozen analysts believe to think so. believing that the iphone 5 parts have cut their price targets in recent days. the idea is that apple is ordering fewer parts for the months after the holidays. the problem with this theory though, demand still looks strong for the iphone 5 given the launch where apple couldn't make phones fast enough. and china did 2 million iphone 5s. europe is week. but with demands elsewhere looking healthy, some numbers at least seem to be going apple's way. the question is whether samsung and amazon are meaningfully zapping the apple products. >> all right, jan. thanks so much. >> we've got both sides of th
some money to fix it. >> number five, china. is china slowing or is china leading the world? we do know that china will be the biggest economy in the world by 2020, for sure by 2030. >> china. >> china. >> china. >> china. >> china. >> china also getting more than a few mentions during the presidential campaign, probably because it's pretty clear that china is both a competitor and a partner. >> number four, europe. the european union was fractured by too much debt and the austerity plans to fix it. that saga is far from over. number three, the housing market. finally, finally bottomed out. the combination of low home prices and continued record low mortgage rates set off a building and buying spree. well-healed investors began buying entire neighborhoods, but first-time buyers were also able to get a home of their own for the first time in years. as long as they had a hefty down payment. >> number two. cnn projects that barack obama will be re-elected president of the united states. >> the election. more than just about obama and romney, it was about socialism and capitalism, about spe
, calling it a violation of u.n. security council resolutions. and china, north korea's long-time ally, also expressed regret launch calling on the state to abide by u.n. resolutions. now u.n. security council diplomats have also set up an emergency meeting today at the request of the u.s. and japan. back to you. >> all right. thanks for that. >>> the senior fellow at the school of international studies at the technological university. thanks for joining us. what does this test do today? what's the impact on regional securit security? >> short term, i don't think the impact is going to be particularly severe. in some ways it's been priced in. and for once, north korea's rocket actually did what it was supposed to do which is fly south and not pass over any territory. so in that sense, the reaction can be contained. on the other hand, it caught people by surprise. and i think there will be questions ask the about how could the intelligence -- how good the intelligence was in the u.s. and south korea in failing to pick this up. >> how significant is it that this launch appears to be successful
. >> reporter: the problem is there are very few options in terms of appropriate action. as you know china sits on the u.n. security council and has blocked efforts in the past to sanction the north korean regime. they are its only ally but a very powerful ally. it is not clear at this time whether china is willing to go along with any u.n. security council recommendations for further punishment of north korea. they are in violation of two significant resolutions but it is unclear what real authority the international community has in terms of punishing north korea further. jenna: interesting tie some of our top stories together. china continues to be a problem in syria. that is our top story of the day. jennifer, we'll continue to watch developments there. jon: watching the crisis in syria, a nation that continues to unravel. there are reports that more than a dozen died in a car bombing, many of them women and children. the state news agency say a car packed with explosives blew up near a school in a neighborhood outside the capital of damascus. we're learning forces loyal to president bashar
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